Regulation

The European Court of Justice (ECJ) has said discretionary portfolio management should not be exempt from VAT.

GOODBYE FSA

A man convicted of insider dealing has been ordered to pay more than half a million pounds in a confiscatatiion order.

Peter Smith, head of investment policy at the Financial Services Authority, is to exit the regulator shortly, Investment Week can reveal.

The vast majority of advisers who risk-rated the Arch cru funds ranked them as either low, low-to-medium or medium risk investments, FSA figures suggest.

Advisers may be faced with an extra £33m in Financial Services Compensation Scheme (FSCS) levies as a result of firm failures caused by a proposed £100m FSA Arch cru redress scheme.

ARCH CRU

The Financial Services Compensation Scheme (FSCS) has more than doubled the annual levy for financial advisers for 2012/13, largely as a result of known claims relating to Arch Cru and MF Global.

Ticketus, the company backed by the Octopus Protected EIS scheme, has withdrawn from discussions with Blue Knights Consortium over a takeover of Glasgow Rangers FC.

GOSLING'S GROUSE